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The Burma/Myanmar (Financial Restrictions) Regulations 2009

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8.—(1) It is not an offence under regulation 6 or 7 to credit a frozen account with—

(a)interest or other earnings on that account; or

(b)payments due under contracts, agreements or obligations that were concluded or arose before the first date on which the account became subject to the provisions of Regulation (EC) No. 1081/2000(1), Regulation (EC) No. 798/2004(2), Regulation (EC) No. 817/2006(3) or the EC Regulation.

(2) It is not an offence under regulation 7 for a relevant institution to credit a frozen account where it receives funds transferred to the account by a third party.

(3) For the avoidance of doubt, regulation 6 applies to any funds credited to a frozen account in accordance with this regulation.

(4) In this regulation—

“frozen account” means an account with a relevant institution which is held or controlled by a designated person;

“third party” means a person other than the account-holder or the relevant institution with which the account is maintained.

(1)

Council Regulation (EC) No. 1081/2000 of 22 May 2000 prohibiting the sale, supply and export to Burma/Myanmar of equipment which might be used for internal repression or terrorism, and freezing the funds of certain persons related to important governmental functions in that country (O.J. L 22, 24.5.2000, p.29).

(2)

Council Regulation (EC) No. 798/2004 of 26 April 2004 renewing the restrictive measures in respect of Burma/Myanmar and repealing Regulation (EC) No. 1081/2000 (O.J. L 125, 28.4.2004, p.4).

(3)

Council Regulation (EC) No. 817/2006 renewing the restrictive measures in respect of Burma/Myanmar and repealing Regulation (EC) No. 798/2004 (O.J. L 148, 2.6.2006, p.1).

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